BT to launch new 'Hybrid' pension scheme in 2019

Trustees Agenda posted on 30 November, 2018

From April 2019, BT Pension Scheme (BTPS) members will have the option of switching to a new 'hybrid' scheme, called the BT Hybrid Scheme (BTHS). The Company had announced in March this year that it intended to close the BTPS and move members to the existing 'hybrid' BT Retirement Savings Scheme (BTRSS). The BTHS will combine DB and DC elements like the BTRSS, and is designed to reduce investment risk whilst giving more certainty over pension benefits. Under the rules of the BTHS, members will receive guaranteed DB pension benefits on the first £17,500 of their salary, and DC benefits on the remainder.